Thursday, June 15, 2017

Anon. “THE MEDIA BUSINESS; Stephen King and Simon & Schuster in Deal” (07 Nov 1997) New York Tiems, Business Day, The Media Business.

The best-selling author Stephen
King and Simon & Schuster struck a tentative deal yesterday to publish his
novel “Bag of Bones” in an unconventional arrangement that will give the horror
writer a share of nearly 50 percent of the profits.

The negotiations came after Mr.
King’s highly unusual public search for a new company to replace Viking, his
longtime publisher. His original $17 million asking price prompted much
complaining in the publishing industry that such a conventional deal was a money-losing
proposition.

But yesterday, Simon &
Schuster, a unit of Viacom Inc., announced a three-book “co-publishing
venture” with Mr. King that will give him a share of the profits and of the risks
and responsibilities for pricing, marketing and packaging his books.

Mr. King, who was traveling to
New York for a meeting with Simon & Schuster on the agreement, could not be
reached for comment.

According to a person close to
the negotiations, Mr. King will share in almost 50 percent of the profits and will receive an
advance that is small by his standards -- almost $2 million a book.
He will not receive bonuses or royalties.

The three books are “Bag of
Bones,” a collection of short stories and a work on the craft of writing.